The cheapest stock brokers in Australia (Dec 2023)

Saving money on brokerage fees can be an important way to get ahead when investing. Not only can high fees erode some of your returns, it also means you can invest less money.

Compare online brokers to find the best deal

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Name	Product	Price per trade	Inactivity fee	Asset class	International	Offer
eToro Finder AwardExclusive		$0	US$10 per month if there’s been no log-in for 12 months	ASX shares, Global shares, US shares, ETFs	Yes	Finder exclusive: Get 12 months of investment tracking app Delta PRO for free when you fund your eToro account (T&Cs apply)	Go to site More Info	Compare	loading Fetching your data...
CMC Invest Finder Award		$0	$0	ASX shares, Global shares, Options trading, US shares, mFunds, ETFs	Yes		Go to site More Info	Compare	loading Fetching your data...
Moomoo Share Trading Exclusive		US$0.99	$0	ASX shares, Global shares, US shares, ETFs	Yes	Finder exclusive: Get an additional 30 days on top of the regular brokerage-free period for new accounts (see link for details). T&Cs apply.	Go to site More Info	Compare	loading Fetching your data...
Tiger Brokers Exclusive		US$2	$0	ASX shares, Global shares, US shares, ETFs	Yes	Finder exclusive: Get 15 commission-free trades on US or ASX equities for the first 180 days and US$50 fractional shares when you deposit at least $500. Plus, all new customers get 1 free trade per month for the first 12 months (T&Cs apply).	Go to site More Info	Compare	loading Fetching your data...
Webull		US$0.25	$0	ASX shares, Options trading, US shares, ETFs	Yes	Earn US$100 in cash vouchers when you fund your new account with US$2,000 until March 30, 2024. Plus, earn up to 5.3% p.a. interest on your US cash account (T&Cs apply).	Go to site More Info	Compare	loading Fetching your data...
IG Share Trading Finder Award		US$0	$0	ASX shares, Global shares, US shares, UK shares, ETFs	Yes		Go to site More Info	Compare	loading Fetching your data...

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Important: The standard brokerage fee displayed is the trade cost for new customers to purchase $1,000 of either Australian or US shares. Where a platform charges different fees for both US and Australian shares we show the lower of the two. Where both CHESS sponsored and custodian shares are offered, we display the cheapest option.

Australia's cheapest online stock brokers

5/5 ★★★★★

score

Go to site Read review

Capital at risk

Practice with $20K virtual money

Access to educational content hub

Trade shares, forex & commodities

• Why it's great
• Pros and cons
• Fees

IG gets the top score for our best overall low-cost broker thanks to its cheap brokerage, low platform fees and low inactivity fees. In the latest Share Trading Finder Awards, it recieved the highest average score for costs across all investment strategies, including casual and active investing, small and large trade sizes and ASX vs global investing. Along with high-quality trading tools and a range of global markets, this makes IG a great all-round trading platform.

• Brokerage for ASX stocks from $5
• $0 brokerage for US and global stock trades
• Low currency conversion fee
• No inactivity fee

• ASX brokerage jumps to $8 if you make less than 3 trades a month
• Appeals more to active traders than casual or new investors
• Fewer global markets than some other brokers

Brokerage fee per trade:
AU stocks: $5 or 0.05% if you make 3 or more trades in the previous month. $8 or 0.1% of your trade (whichever is higher)
US stocks: US$0
UK stocks: £0
Other markets available: Details here
Inactivity fee: if you make fewer than 3 trades during that time.
Currency conversion fee:
0.70% of trade value

4/5 ★★★★★

score

Go to site Read review

Capital at risk

Copy trading

Social media forums

Demo account available

• Why it's great
• Pros and cons
• Fees

eToro is the first trading platform to offer unconditional $0 brokerage ASX stock trades. Combined with $0 brokerage US and global stock trades, that makes eToro the cheapest broker out there on stock commission fees alone.

• $0 brokerage ASX and global stock trades
• Easy-to-use platform
• Plenty of tools to try out

• Inactivity fee of $10 a month if you don't log in for 12 months
• No ASX ETFs available
• $5 withdrawal fee
• Offers CFDs which can be risky

Brokerage fee per trade:
AU stocks: $0
US stock: US$0
UK stocks: £0
Inactivity fee: USD 10 per month if you don't log in for 12 months or more
Currency conversion fee: 0.50% of trade value

5/5 ★★★★★

score

Go to site Read review

Capital at risk

$0 brokerage for global stocks

$0 brokerage on ASX buy orders

Sophisticated research tools

• Why it's great
• Pros and cons
• Fees

CMC Markets lets you trade a bunch of financial products for less. Its competitive fees and high-quality trading tools are a major contributor to why it won Finder's award for best overall broker. When trading $1,000 or less on the ASX, CMC is the cheapest CHESS-sponsored broker, offering $0 commission CHESS-sponsored shares and ETFs.

• $0 brokerage fees on ASX purchases under $1,000
• $0 brokerage on US, Canada, Japan and UK stocks
• High-quality research tools
• CHESS-sponsored ASX stocks

• Only 4 global markets are commission-free to trade, others cost $59 in brokerage
• ASX stock brokerage not the cheapest out there

Brokerage fees:
AU stocks: $0 brokerage (for buy orders up to $1,000) and $11 or 0.10% (whichever is greater) for all other buy and sell orders.
US stocks: US$0
UK stocks: £0

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ETF brokerage fees:
AU ETFs: $0 brokerage for trades up to $1,000 (applied to the first buy order per ETF per day). $11 fee for trades up to $10,000. $15 fee for trades equal to or greater than $15,000.
US ETFs: US$0

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Options:
ASX: $33/contract
US: Not available
Other markets available: Details here

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Inactivity fee: $0

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Currency conversion fee: 0.60% of trade value

4/5 ★★★★★

score

Similar platforms Read review

Capital at risk

Flat $5 fee per trade

$0 brokerage for Australian ETFs

No monthly fees

• Why it's great
• Pros and cons
• Fees

Coming to market in 2021, Superhero said it would offer cheap brokerage and user-friendly features. The platform allows you to trade US markets for $0 brokerage and $5 for Australian markets, although it works using a custodial model (no CHESS sponsorship). It helps retail investors in 3 main ways: it lets them start from $10, offers $0 brokerage on ETF purchases and has no monthly account-keeping or inactivity fees.

• Low brokerage on ASX and US stocks
• Lets you start trading from $10
• $0 brokerage fees on ETF purchases

• Only lets you trade the US and Australian markets
• Few trading tools
• Too basic for advanced traders

Brokerage fees:
AU stocks: $5
US stocks: US$0
UK stocks: Not available

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ETF brokerage fees:
AU ETFs: $0 brokerage on buy orders, $5 on sell orders
US ETFs: US$0

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Inactivity fee: $0

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Currency conversion fee: 70 pips (US$0.70 for every AU$100 exchanged)

4/5 ★★★★★

score

Similar platforms Read review

Capital at risk

$3 brokerage fee per trade

No monthly fees for basic account

Buy and sell US stocks and ETFs

• Why it's great
• Pros and cons
• Fees

Stake came to market with the plan of introducing cheap brokerage to Australia and it has done just that. Stake allows you to cheaply and easily access the US and Australian markets. It offers the lowest CHESS-sponsored ASX trades on the market at $3 in brokerage per trade. While its US trade fees are no longer the lowest out there at US$3 commission per trade, it remains one of Australia's cheapest brokers.

• $3 brokerage on US trades
• $3 CHESS-sponsored ASX trades
• No inactivity fees

• Limited features
• You have to pay more for Stake Black
• Only 2 markets available

Brokerage fees:
AU stocks: $3
US stocks: US$3
Other markets: Details here

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ETF brokerage fees:
AU ETFs: $3
US ETFs: US$3

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Inactivity fee: $0

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Currency conversion fee: 70 pips (US$0.70 for every AUD$100 exchanged)

Methodology: How do we rate Australia's cheapest brokers?

We compared the fees charged by 40 online share trading platforms in Finder's latest Awards and Best Investment Platform update. As part of our analysis, we ranked trading platforms based on:

• Brokerage fees to trade ASX stocks
• Brokerage fees to trade US stocks
• Brokerage fees to trade European stocks
• Brokerage fees for Australian ETFs
• Foreign exchange fees to trade global stocks
• Inactivity fees
• Custody fees

For more information about our methodology, head to our share trading platform ratings page. Bear in mind that the brokers displayed on this page may not always be best for you and we encourage you to do your own research.

Why you can trust Finder's share trading experts

We're free

Our comparison tables are completely free to use. We link you directly to the brokers' secure application page. On a regular basis, we update the fees and conditions of all share trading platforms in our database.

We're experts

We've researched and rated 40+ trading platforms and brokers as part of our Finder Awards. We've published 100+ guides, and our in-house experts regularly appear on Sunrise, 7News, and SBS News.

We're independent

Unlike other comparison sites, we're not owned by a bank, insurer, or broker. That means our opinions are our own, and you can compare nearly every share trading platform and broker in Australia on Finder.

We're here to help

Since 2016, we've helped over 300,000 Australians find the right stockbroking account by comparing fees and account features. We'll never ask for your personal information. We're here to help you make a decision.

Fees play a critical role in determining an investment's long-term returns. High fees, like those associated with actively managed funds, will eat into an investor's profits and erode the value of their portfolio over time. Most investors should just focus on low-cost, passive investment strategies, such as index funds or ETFs, that offer broad market exposure at a fraction of the cost of actively managed funds.

Chris Brycki
Founder, Stockspot

Did you know?

You could save $1,046 a year on average in brokerage fees by switching to a more suitable online broker, according to Finder research. You might even save money by having more than one platform, especially if you are investing both in Australia and internationally.

What are brokerage fees?

A brokerage fee (also called commission) is what your stockbroker charges whenever you buy or sell a share.

Basically, you'll need to pay a specific amount to the broker in return for using its service.

This fee is based on the size or value of the trade. It could be a flat fee or an amount calculated as a percentage of the transaction value. The fee is charged both when you buy and sell a share.

Brokerage fees are one of the largest expenses associated with online share trading and can have a big impact on the affordability of your investments.

If you're a frequent trader and you're paying a brokerage fee of $30 every time you buy or sell a parcel of shares, this can quickly add up to a substantial amount and eat away at your trading profits.

That's why it's essential for anyone thinking of getting started in the share market to compare brokerage fees charged by online share trading platforms and shop around for the cheapest option.

How much will you need to pay for stock brokerage?

Brokerage fees are far from identical from one provider to the next, so comparing fees is important.

Brokerage can range from $0 to $30 per trade for online share trading platforms.

Full-service brokers such as Morgans or Morgan Stanley start fees at around $80 per trade, usually charged as a percentage of the amount being traded.

Some providers have simple fee structures and others have quite complex arrangements. Brokers calculate fees using the size or value of the trade, how often you trade and in which country the stocks are listed.

Different brokerage fees often apply to phone trades and other unique trading options, so it's worth reading the fine print to find out how much extra it will cost every time you make a trade.

Free trading platforms in Australia*

While share trading platforms haven't reached the lows of some other countries, there is an emergence of "free" brokerage offers in Australia. However, although you don't need to pay a commission, this doesn't mean they're free.

Instead, you're typically charged a foreign exchange fee (global stocks only) to convert Australian dollars to the required global currency. Other fees you could be charged include account maintenance fees, account top-up fees, inactivity fees or fees to trade other types of products on the platform.

Here's our list of "free" trading platforms at the time of writing:

• eToro
• IG (US and global stocks only)
• CMC Markets
• Superhero (US stocks only)
• Douugh ($0 brokerage but there is a monthly fee)
• Webull Australia (for the first month)
• Tiger Brokers (for the first 3 months)
• Stake (if you refer 3 friends)

*Free in this case refers to brokerage or commission fees (T&Cs apply).

Trading platform deals for Dec 2023 (T&Cs apply)

Tips for finding the cheapest share trading platform

If you're looking to find the cheapest share trading platform there are a few things you'll need to consider. Of course, it all comes down to how you're intending to use it.

Here are some of the key features to look at when comparing online share trading platforms:

• Fees. Almost every platform will charge you a brokerage fee (also called a commission fee) when you transact. Generally, the lower the fee if it fits your needs the better.
• Other fees. Some will also charge you additional fees such as monthly fees or inactivity fees. To see more about fees click here.
• What can you trade? There's no point saving on fees if you're missing out on investing where you want. Some trading platforms will let you invest in multiple countries, others just Australia. There are also trade currencies, indices, cryptocurrencies and much more to consider. Find a broker that matches your needs.
• Ease of use. Again saving money isn't useful if the app is difficult to use. You should look for a platform that allows you to make fast and precise trades with minimum fuss.
• Access to data. Does the platform offer dynamic, real-time or delayed market updates? Some platforms offer research and broker analysis on individual stocks that can come in handy.
• Order types. Can you place orders at market and/or at limit? Are other order types such as stop/loss orders an option to add more flexibility to your trading? These should be considered when choosing a broker.
• Reporting. Check the reporting tools on each platform to help you track how your trades are performing, record dividends and pass on any relevant information to the Australian Taxation Office (ATO) at tax time.
• Customer support. Look for phone, email and live online chat support. Does it offer customer service 24/7 if you're having trouble placing a trade?
• Education. Some platforms also feature a range of educational tools and resources, such as how-to guides and webinars, to help you get more out of your trading account. If you haven't got access to the education you need through your broker it can become an additional cost, so keep that in mind.

Frequently asked questions

• Who is the cheapest broker in Australia?

  eToro is the cheapest broker in Australia on commission fees alone. It charges $0 brokerage on both Australian and and global stock trades.

  Stake is the cheapest broker for ASX trades that are CHESS sponsored. It offers $3 dollar trades and will drop the price to free brokerage if you refer 3 friends every 12 months. If you're trading under $1,000 then CMC Markets is your cheapest CHESS-sponsored ASX broker in Australia with a $0 brokerage deal.

  The answer continues to get a little more complicated if you're investing in ETFs or overseas.

  If you're an ETF investor exclusively, the likes of Superhero, Vanguard and Pearler will let you purchase ETFs on a zero dollar commission.

  There are also a host of free (zero commission) brokers for US market trades. These include eToro, IG, CMC Markets, Douugh and Superhero who all offer the cheapest brokerage.

• What is the best trading account in Australia?

  According to Finder's investment award winners for 2023 CMC Markets is the best overall broker in Australia.

  CMC Markets took out our award due to its strong research tools, long list of product choices and low brokerage fees that will suit most types of investors.

  Although it is important to point out there's no one absolute overall best broker. You should find a broker that matches your personal needs.

• Can I trade for $1

  Yes, some brokers let you start trading in Australia for $1 but they use a custodial model, meaning the shares are in the broker's name. These are usually as part of a fractional share.

  If you want to buy Australian shares in your own name through CHESS sponsorship then you will need to invest $500 minimum.

  You can buy shares listed overseas from $1 with certain brokers such as Revolut, Interactive Brokers and Douugh. Again, this means you may only own a fraction of a share.

• Should you have your money with more than one broker?

  There's nothing wrong with having multiple brokerage accounts, especially if you're taking advantage of different fees and services.

  Brokers will often come to market with their own specialisation. If you're looking to trade in multiple countries and across different products you can potentially save in fees through this. For example you could purchase free ETFs with Pearler and get access to free brokerage in the US markets with IG.

  You can also save on commissions, margins, advanced trading strategies and get better research tools if you have multiple brokers.

  Having more than one broker could also work for those with multiple investing goals. You can have an account for example if you're looking to invest for your kids and another for retirement.

  Finally it can allow you to take advantage of specials offered by a broker. Brokers often compete for business, meaning they will reduce fees or have special offers.

  Of course the downside of multiple brokers is it can be more confusing. Especially the tax implications on trading through each of the brokers. So it is important to keep track of each.

• How much does a trading platform charge in brokerage

  Fees on trading platforms differ greatly. When it comes to the ASX you're usually looking at somewhere between $5 and $19.95 per trade depending on who you sign up with.

  If you're looking to buy US or global stocks, brokerage ranges from $0 to $60 per trade, depending on the broker.